More first-time buyers are said to enter the Dubai property market

The Dubai property market has seen an influx of first-time buyers in the last year, citing affordability, high quality and room for price growth as reasons to invest. On the other hand, the new visa laws and retirement options have encouraged residents of Dubai to go all out as first-time buyers venturing into the property market.

Dubai Developments

According to a recent report, the Dubai real estate market is seeing an influx of first-time buyers. The report from Mortgage Finder said that first-time buyers made up 82% of mortgages in Dubai in 2021. 91% of borrowers stated that their main reason for purchasing was to live within the property. (source: zawya)


The increase is due to a number of factors, including more affordable housing options and attractive payment plans.


First-time buyers are crucial to the health of the Dubai property market, and this uptick is good news for the emirate's economy. Property developers in Dubai have added new vigour to the city with projects like:


The Heart of Europe: An upcoming project by one of the top developers in Dubai brings Europe to the heart of the Arabian Gulf in the form of 6 different islands on Worlds Island, Dubai. Each of the six islands is inspired by one European country in great detail which allows you to experience the sophistication of European living.


Imperial Avenue: A luxurious residential property for sale in Dubai located ideally between Business Bay and Downtown Dubai. The Imperial Avenue is a flagship project of Shapoorji Pallonji Dubai, providing the residents with two infinity pools overlooking the beautiful backdrop of the Dubai skyline and other exciting state-of-the-art facilities. 

Positive Trends in Dubai

There are a number of positive trends taking place in Dubai that are having an impact on the city's property market. One of the most significant is the increasing number of first-time buyers entering the market.


This is driven by many factors, such as the improving economic conditions in Dubai, which make it easier for people to get mortgages. In addition, there is a growing preference for renting properties rather than buying them outright, which gives people more flexibility regarding their housing options.


The result of all this is that the Dubai property market is starting to see an influx of new buyers, which is good news for the city's economy. With more people buying properties, there will be more demand for goods and services, which will help to boost businesses and create jobs. So if you're considering looking into apartments for sale in Dubai, now might be a good time to do it!

Affordability and lifestyle

For the first time in a while, affordability and lifestyle seem to align for potential first-time buyers in Dubai.


Dubai offers year-round sunny weather, a cosmopolitan atmosphere and plenty of leisure activities, so no wonder more people are considering buying property here. When it comes to affordability, Dubai is a city that has something in store for everyone. The property developers in UAE have crafted living spaces for people coming from all walks of life in Dubai. A new phenomenon that has engulfed the real estate property developers in Dubai is luxury penthouse apartments, which have undertaken prominence and are now the current favourites of the residents.


If you’re thinking of entering the Dubai property market, now could be an excellent time to start your search. With prices expected to rise in the coming years, it’s essential to get in while you can still afford it. And with so much to offer, Dubai is the perfect place to call home.

Conclusion

The data shows that more first-time buyers are entering the Dubai property market, which is good news for the city's economy. The increase in first-time buyers is likely because prices have stabilised and become more affordable in recent years. With low-interest rates, now is a great time to buy property in Dubai. Consult with a real estate agent to find the perfect home for your needs.


FAQ

Q1- Is Dubai real estate booming?

Ans- Dubai's real estate market is booming; it was once touted as the city of cranes because Dubai had the most cranes in the world. This high volume of cranes showcases the number of new property developments in the city.


Q2- How is the real estate market in Dubai now?

Answer-  According to data released by Dubai Land Department, the Dubai real estate market recorded over AED 1.2 billion by August 2, continuing its bull run in the emirate’s residential property market. 



Q3- Is now a good time to buy a house in Dubai?

Answer-  To experience maximum capital appreciation and a monthly yield from your property investment, you should buy a house in Dubai right now.

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